DeWitt Company sells a kitchen set for $475. To promote July 4, DeWitt ran the following advertisement:

Price of kitchen set	$ 475.00
Markdown on the kitchen set beginning each hour up to 4 hours	10%
Markup on the set at the end of each hour	1%

Assume Ingrid Swenson buys the set 1 hour and 50 minutes into the sale.

Required:

Using the information given above, answer the following questions:

1. What is the net price equivalent rate for Ingrid's purchase.
2. How much does Ingrid pay for the kitchen set?
3. What is the single equivalent discount rate for Ingrid's purchase.